As of Tuesday, the AAA national average price for a gallon of regular gas reached $4.374, a staggering figure that marks a new record high when inflation is not taken into account.
Gas Buddy also reported that the the national average price of gas had hit a new high, though it pegged the price at $4.36 per gallon.
While the prices mark fresh highs, reports indicate that when inflation is factored into the equation, the new record still does not eclipse high prices experienced in 2008.
High gas prices not only cost drivers dearly when they fill up their vehicles, but the fuel costs also drive up transportation expenses, which can lead to higher prices for various goods and services throughout the economy.
Americans have been getting hammered by soaring gas prices and high inflation, and if they keep experiencing pain at the pump and witnessing the purchasing power of their hard-earned savings erode each month, those economic issues could hurt Democrats during the 2022 midterm election cycle.
The U.S. Bureau of Labor Statistics is slated to release April consumer price index data on Wednesday. The all-items index rose “8.5 percent for the 12 months ending March,” the agency reported last month.
President Joe Biden said in a speech on Tuesday that inflation is his “top domestic priority.” He attributed inflation to the COVID-19 pandemic and to Russian President Vladimir Putin’s invasion of Ukraine.
The U.S. has prohibited the importation of oil and other products from Russia in response to that country’s invasion of Ukraine.
“We have the biggest inflation spike in 4 decades, record high gas prices, a massive border crisis, incompetent foreign policy, endless attacks on liberty and personal safety, and now even a baby formula shortage. The Biden presidency has truly been a epic disaster from the start,” tweeted GOP Rep. Lee Zeldin of New York — the lawmaker is currently running for governor in the Empire State.
“Liquid fuels have turned into liquid gold, with prices for gasoline and diesel spiraling out of control with little power to harness them as the imbalance between supply and demand globally continues to widen with each passing day. Russia’s oil increasingly remains out of the market, crimping supply while demand rebounds ahead of the summer driving season,” GasBuddy head of petroleum analysis Patrick De Haan said. “There’s little, if any, good news about fuel prices heading into summer, and the problem could become worse should we see an above average hurricane season, which could knock out refinery capacity at a time we badly need it as refined product inventories continue to plummet.”